For hotels looking to get the most of their data, Duetto’s Managing Director Michael McCartan suggests the key is a future-focused perspective that gives time to both predictive and historical data sets. Predictive analytics are the best means of transitioning from a Best Available Rate (BAR) pricing approach to the ideal Open Pricing policy. This more focused approach makes pricing more detailed and more dynamic.

SnapShot’s David Turnbull emphasizes the need for a simplified process for acquiring and developing new hotel technologies such as downloadable apps. Proper tech can minimize a guest’s friction points including check-in and a long booking process during their time at the hotel, freeing staff up to focus on providing the best possible experience.

The panelists recommend looking to innovations in other industries, especially for ways to harness predictive analytics and streamline workflow. Revenue managers must offload their analysis time to concentrate on strategic decision-making and pricing optimization.